Millennials want packages that suit their lifestyle and values

A COMPETITIVE salary alone is no longer enough to attract and retain top staff.

Instead, workers now expect companies to offer packages which support their wellbeing and lifestyle requirements.

According to the Workplace Culture Trends report for 2018, 86% of millennials said they would consider taking a pay cut in order to work at a company that offers packages which suit their values and lifestyle.

The International Foundation of

Employee Benefit Plans reports that more than nine out of ten companies around the world offer staff at least one form of wellness benefit, and more than three in five have an allocated “wellness budget”.

These budgets are expected to increase by 7.8% in the coming years.

In South Africa a study conducted by the South African Depression and Anxiety Group (Sadag) found more than 40% of all work-related illness is due to work-related stress, major depression, burnout and anxiety disorders.

A study by

Britain’s Chartered

Institute of Personnel and Development found that 80% of employees with mental ill health in the UK struggle to concentrate, 50% are potentially less likely to be patient with clients or customers and 37% are more likely to get into conflict with colleagues.

The International Workplace Group said as employees look to achieve greater work-life balance, they are increasingly seeking work with businesses that offer flexibility.

“This has become so important to employees that the latest IWG Global Workspace Survey found 83% of workers around the world would turn down a job that didn’t offer flexible working, with 54% saying that having a choice of work location is more important to them than working for a prestigious company.

“As a result of this demand, in the past ten years, 85% of businesses have introduced a flexible workspace policy, or are planning to adopt one.

“However, a number of companies still have reservations about flexible working, with 60% saying that changing the organisational culture is the main barrier to implementing a flexible workspace policy and over a third (41%) say that fear of how flexible working may impact the overall company culture is the biggest obstacle,” it found.

“83% would turn down a job that didn’t offer flexible working International Workplace Group IWG Global Workspace Survey